Legal Question in Credit and Debt Law in Virginia
Virginia Automobile repossession
In virginia, can a credit company repossess your automobile and still demand the amount of money over the value of the car?
Asked on 5/22/07, 4:37 pm
1 Answer from Attorneys
Michael Hendrickson
Law Office Michael E. Hendrickson
Re: Virginia Automobile repossession
Yes, it's called a deficiency judgment, if it's awarded by a court of proper jurisdiction in favor of the creditor, i.e., the difference between what's owed under the contract of purchase agreement and what can be realized by disposing of the vehicle at auction.
Answered on 5/22/07, 10:15 pm
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